Brookfield Sets Its Sights On $24B Mall Operator
Fresh off its unsolicited $647M bid for Rouse Properties, Brookfield is setting its sights on Rouse's parent company, General Growth Properties, a $24B US mall operator.
Brookfield already owns 34% of GGP, but is exploring a full takeover of the 131-property company. The Canadian asset manager has been a major GGP backer since the mall operator emerged from bankruptcy in 2010, Reuters reports.
After dropping 13.4% over the last 12 months, GGP’s shares jumped over 6% after the news. However, there’s no guarantee Brookfield will move forward on an offer.